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WeWork India has leased over 50,000 square feet of office space in Gurgaon to the National Australia Bank, which plans to open its first office in India. The office will be located at WeWork’s recently opened office in DLF 9A in Cyber City, Gurgaon.
WeWork’s newly opened office in DLF 9A in Cyber City, Gurgaon, will fully fund the workspace. “The workspace will be fully equipped by WeWork and will open soon with their first location in India.” The bank has taken up approximately 575 seats.
NAB employs approximately 32,000 people in Australia to support over 8.5 million customers. The majority of its financial services businesses will be based in Australia and New Zealand, with additional operations in Asia, the United Kingdom, and the United States. In 41 locations, WeWork India currently has 62,000 members and 68,000 desks.
WeWork Global, based in the United States, owns a 25% stake in WeWork India, a subsidiary of the Embassy Group, based in Bengaluru. In 2017, the two organisations formed a collaboration. WeWork India became profitable as a holding company in the first quarter of 2022, thanks to strong demand over the previous year.
The consulting IT-BPM and e-commerce companies that are establishing multiple satellite offices in suburban locations in metro cities are expected to drive the demand for flexible space.
As of the third quarter of 2021, metropolitan areas accounted for approximately 88% of the total number of flexible workspaces. Since the launch of the American shared workspace provider in India, Embassy Group has operated desks in six of the country’s top markets, including Bengaluru, Gurgaon, and Mumbai, totaling approximately 6 million square feet of space.
The co-working sector’s share of total office transactions increased to 23% in Quarter 3 2022 from 6% in Quarter 3 2021, the highest increase across all sectors.